59 Olive St · Waterford, CT 06385

$225,000

4 bd · 1.0 ba · 1,138 sqft · SingleFamily public records · 8 Days on market

Built 1931 10,018 sqft lot Est $321k · 30% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.3/10.0
• Schools +4.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Centrally located Waterford home on an expansive, gently sloping lot. A great opportunity for investors or buyers looking to build sweat equity and customize a home to their liking. Newer roof and siding already in place. Conveniently located near shopping, dining, highways, and local amenities. Selling As-Is. Cash or conventional financing. Bring your vision and make it your own! * * Offer deadline 6pm Monday June 8th.

Key facts

• Expansive lot
• Newer roof
• Newer siding

Tags

• EXPANSIVE LOT
• NEWER ROOF
• NEWER SIDING
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Property located in Connecticut, New London County

Exterior

• Utilities: Public water in street; Public sewer connected
• Home design: Single-family home
• Construction: Built with frame construction; Concrete foundation; Asphalt shingle roof; Vinyl siding
• Exterior features: Sloping lot; Nearby amenities: basketball court, golf course, library, medical facilities, park, playground/tot lot, public pool, shopping/mall

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: 3 bedrooms (main level laundry)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot air heating; Oil-fired heat; Propane hot water (tank located in basement)
• Interior features: 7 total rooms; Full, unfinished basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 9.1% vs local median 3.2% in Waterford — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#50 in CT, #3,268 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Waterford School District (suburban): math 45% / reading 58% proficiency, ranked #75 of 153 in CT (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Waterford High School (math 42% / reading 67%, grade C-, #63 of 194 statewide, top 39%, 735 students, 28% FRL).
• Market conditions: 70 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• This rent runs 30% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

Questions for the listing agent

1. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.88%
• DSCR: 1.44
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $320,916
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Vivian Ct	0.07mi	3/1.0 (-1)	1,141 (+0%)	8mo	$216,000	$189	84
45 Louise St	0.06mi	4/1.5	1,152 (+1%)	11mo	$330,000	$286	84
59 Vivian St	0.05mi	4/1.5	1,040 (-9%)	3mo	$285,000	$274	79
44 Monroe St	0.25mi	3/1.0 (-1)	1,088 (-4%)	11mo	$300,000	$276	67
78 Vivian St	0.08mi	3/1.0 (-1)	1,224 (+8%)	20mo	$320,000	$261	62
10 David St	0.26mi	3/1.0 (-1)	1,202 (+6%)	17mo	$315,000	$262	59
10 Cedar St	0.41mi	3/1.0 (-1)	1,242 (+9%)	8mo	$320,000	$258	54
18 William St	0.13mi	3/2.0 (-1)	1,260 (+11%)	21mo	$355,000	$282	50
24 Woodlawn Ave	0.54mi	3/1.0 (-1)	1,052 (-8%)	11mo	$325,000	$309	48
39 Miner Ave	0.67mi	3/1.0 (-1)	1,068 (-6%)	11mo	$335,000	$314	44
22 Sandy Hollow Dr	0.67mi	3/2.5 (-1)	1,056 (-7%)	3mo	$403,000	$382	43
5 Thrush St	0.64mi	3/1.5 (-1)	988 (-13%)	9mo	$321,000	$325	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-3,412
• Equity at exit: $33,548

10-year hold

• IRR: 8.3%
• Equity multiple: 1.63×
• Total profit: $39,589
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06385

• Active inventory: 70
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,550 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$222 /mo · $2,667/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $519

Break-even live

Break-even rent $1,894

Max offer price $225,000

Occupancy floor 75%

Sensitivity live

Price	-10% $646	-5% $583	+0% $519	+5% $455	+10% $391
Rent	-10% $317	-5% $418	+0% $519	+5% $620	+10% $720
Rate	-1.0pp $632	-0.5pp $576	base $519	+0.5pp $461	+1.0pp $401

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Clark Ln Waterford, CT	3.0	1.5	1230	$2,600	$2.11	14d	1	0.21mi
11 Anthony Rd New London, CT	1.0–3.0	1.0–2.0	838	$2,095	$2.50	14d	3	0.94mi
196 Ocean Ave Unit 2 New London, CT	3.0	2.0	1400	$1,900	$1.36	22d	1	1.13mi
159 Connecticut Ave New London, CT	3.0	1.0	1047	$1,850	$1.77	45d	1	1.29mi
13 Thompson Ct New London, CT	3.0	1.0	1000	$1,900	$1.90	45d	1	1.40mi

Listing history 8 events

1. 2026-06-13
   statusdays on market $225,000 Under Contract 8 DOM
2. 2026-06-10
   days on market $225,000 Active 7 DOM
3. 2026-06-09
   days on market $225,000 Active 6 DOM
4. 2026-06-08
   days on market $225,000 Active 5 DOM
5. 2026-06-07
   remarks 425-char remark
6. 2026-06-07
   days on market $225,000 Active 4 DOM
7. 2026-06-03
   remarks 383-char remark
8. 2026-06-03
   listed $225,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $2,667 · $222/mo
• Projected year-2 tax: $3,741 · $312/mo
• Expected delta: +$1,074/yr (+$90/mo · 40.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $30,604
• − Mortgage interest: −$12,603
• − Property taxes: −$2,667
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,448
• − Management: −$2,448
• − Depreciation: −$6,545
• Taxable income: $2,766
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $5,562/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waterford School District
• NCES district ID: 0904860
• Math proficiency: 45% ▼ -18.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $74,686
• Composite: 46.34/100
• National rank: #2466
• State rank: #75 of 153 in CT

Livability — Waterford

• Score: 76/100
• State rank: #50
• US rank: #3268

Category grades

Amenities F Commute F Cost of living B- Crime A+ Employment C Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterford, CT
• County: New London County · 147,197 people
• City population: 15,966
• Metro: Norwich-New London, CT
• Population (ZIP): 15,966
• Household income: $100,484
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 414.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 6% Hispanic / Latino 6% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 5% Iranian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Other Indo-European 3% Spanish 2% Chinese 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -176.84%
• Current HPI: 191.1743
• Rent YoY: —
• Metro: Norwich-New London, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+32.4% since first listed

3 events — show timeline

• 2026-06-03 Listed $225,000 Smart MLS
• 2011-09-19 Listing Removed — Smart MLS
• 2010-03-19 Listed $169,900 Smart MLS

Property tax history

+0.7%/yr

Latest (2023): $2,667 · +4.6% YoY. Source: county tax records.